1982.09.27
STATE COUNCIL OF CHINA
REGULATIONS ON THE 1983 TREASURY BILLS OF THE PEOPLE'S REPUBLIC OF
CHINA
(Adopted by the Routine Meeting of the State Council on September 21,
1982 and promulgated by the State Council on September 27, 1982)
@@ Article 1. The issue of the 1983 Treasury Bills of the
People's Republic of China is determined for the purpose of properly
concentrating financial resources from all quarters and carrying
out the socialist modernization construction.
@@ Article 2. The Treasury Bills shall be issued to: state
enterprises, enterprises of collective ownership, competent
authorities of enterprises and local governments; Party and government
organizations, bodies, units of armed forces, institutions and
opulent rural people's communes, production brigades and teams;
individuals in urban and rural areas.
@@ Article 3. The number of Treasury Bills to be issued
shall be determined by the State Council and the issue shall begin
from January 1 of that current year. The deadlines for payment: all
payments by units shall be made on or before June 30 each year and
those by individuals shall be made on or before September 30 each year.
@@ Article 4. The interest rates of the Treasury Bills: the
annual interest shall be fixed at 4% for those purchased by
units; the annual interest shall be fixed at 8% for those purchased by
individuals.
The interest for all Treasury Bills shall be calculated from July 1
of that year and interest shall not be allowed for the payments ahead
of schedule.
The interest of Treasury Bills shall be paid in one lump sum
when the principal is repaid and no compound interest shall be
calculated.
@@ Article 5. The Treasury Bills shall be calculated in
Renminbi. The units purchasing them shall be granted the receipts of
the Treasury Bills and entitled to have their names entered therein
or report the loss of the receipts; the individuals purchasing them
shall be granted the Treasury Bills. The Treasury Bills are issued in
four denominations: 5 yuan, 10 yuan, 50 yuan and 100 yuan.
@@ Article 6. The repayment of the principal and the payment
of the interest of the Treasury Bills shall be handled from the
sixth year after issue. For those purchased by individuals, lots
shall be drawn at a time specified and the money shall be repaid by
five different annual payments in five years in accordance with
the amount of issue, 20% of the total amount to be repaid each time;
for those purchased by units, no lots shall be drawn and the money
shall be repaid by 5 different annual payments in five years in
equal terms in accordance with the total amount of the purchases
by units.
@@ Article 7. The issue of the Treasury Bills, the repayments
of the principal and the payment of the interest shall be handled by
the People's Bank of China and its subordinate organizations.
@@ Article 8. The funds raised by means of the Treasury Bills
shall be used in a unified way by the State Council in accordance
with the needs of the development and overall balance of the national
economy.
@@ Article 9. The Treasury Bills shall not be circulated as
money and shall not be freely bought and sold except in the manner
specified above.
@@ Article 10. Those who forge the Treasury Bills or damage
their reputation shall be punished according to law.
@@ Article 11. The Ministry of Finance shall be authorized to
handle the interpretation of the Regulations on the Treasury Bills.